Steve Kessner to Launch Real Estate Fund
New York Real Estate Developer Steven Kessner to Launch $50 Million Real Estate Fund
Eyes are on Steven Kessner as he is selling, yet again, a small portfolio of properties purchased in 2011 and 2012. Long-time owner/developer Steve Kessner, who is best known for his uncanny sense of timing the real estate market, is about to sell 12 buildings at approximately $55 Million.
Kessner, who had been sitting on the sidelines since selling most of his Manhattan apartment and retail holdings at the height of the market in March 2007 for $225 Million, had purchased these 12 buildings in 2011 and 2012 when he believed the market to present a buying opportunity. Now, it’s 2014 and Kessner is selling what was purchased only 2 to 3 years ago. “It’s time again” says Kessner. “I have seen many cycles in the New York real estate market over the last 30 plus years. We are in the 8th inning of this most recent cycle. The opportunity has presented itself to sell the assets we purchased only 2 to 3 years ago. My investors have the opportunity to double their investment in this time period. They are extremely satisfied with the outcome and are ready to invest in my Real Estate Fund which will focus on acquiring assets as the next cycle comes around.”
“Response has been very positive to our strategies within our investor group. Savvy investors recognize that excellent opportunities present themselves in the New York real estate marketplace. To take advantage of these opportunities, it is critical to invest with an experienced manager with the right background, expertise and capabilities. We are very excited about what the future holds for our group and our fund.”
Widely recognized for his broad knowledge and intuitive sense of the marketplace, Kessner has been involved in all facets of real estate, particularly development, construction, property management, financing and investment, for over 30 years. He presently owns property in Manhattan and Westchester County.
A graduate of Dartmouth College, where he earned a Bachelor of Economics degree, Kessner is a strong supporter of his alma mater and is also the founder of Steve’s Camp at Horizon Farms.
